Construction lending carries risks for financial institutions beyond the usual risks of most types of loans. Instead of issuing a loan against known assets or strictly on financial means and history, a construction loan is taken out against an asset that doesn’t exist yet, and that will be constructed under real-world conditions that often don’t…
The new US administration released new workplace safety guidelines on January 29, 2021, to help mitigate the spread of COVID-19. Here’s what employers need to know. 1. Covid Guidelines Help You Comply with OSHA Regulations Under the OSH Act, employers are legally responsible for providing a “safe and healthy workplace, free from recognized hazards likely…
Over the course of this year through the on-going pandemic, we have been routinely asked our opinion on existing and new technologies to add to the current HVAC systems in an effort to fight COVID-19 and to make the buildings healthier. These new techniques include UV lighting retrofits, filtration system upgrades, and air ionization systems,…
When employers think of workplace safety, most often they think of accidents and injuries caused by active hazards such as slipping, tripping, and falling. Unfortunately, however, the largest contributor to workers’ compensation costs is not so obvious, and is often overlooked: Overexertion. Overexertion leads to worker’s compensation costs of over $15 billion a year and…
Federal and state funds for affordable housing developments can make these projects profitable and attractive for developers. However, it’s important that those who are new to government-funded affordable housing construction be aware that the environmental review process will be different. Any project fully or partially funded by federal and/or state governments, such as through the…
When it comes to providing affordable housing units, there is a lot of direct social benefit to communities, while offering a financial opportunity for investors, syndicators and lenders. But the opportunity comes with significant risks due to the unique requirements for these projects. From the language in the construction contract to the necessity of ensuring…
This year is shaping up to be an intense year for hurricanes. The CDC and other agencies are urging individuals as well as business and property owners to be prepared not only for a busier-than-usual season, but for the additional complexities and risks of managing hurricane response in the midst of the COVID pandemic. Here…
As if 2020 weren’t already one for the history books, this year’s hurricane season is setting records before we’ve even reached the peak. This is the first year on record in which there have been nine named storms before the first of August. Additionally, this is the sixth season in a row in which tropical…
Environmental Site Assessments (ESAs) are a key tool in mitigating risk for commercial property buyers, lenders, and lessors. They are used to identify potential or existing environmental contamination that may cause liabilities for the owner, lessor, and/or lender. They usually assess environmental concerns regarding both the land and the physical improvements to the land. Why…
After the mortgage crisis of 2008, mass property foreclosures followed quickly, leading into what is now remembered as the Great Recession. This year, 2020, the COVID19 pandemic has shut down economies across the United States, threatening to create yet another wave of foreclosures. But will it be different this time? At GLE Associates, Inc. we…
